Britain's high street banks have outlined plans to clean up the
sector's act following a summer of scandal for the industry.
The major players - together with regulators and a raft of City
institutions - have suggested wide-ranging reforms as part of a
Government review of the culture and practices in the banking sector
launched in the wake of the Libor rate-rigging furore.
In its submission to the Parliamentary Commission on Banking
Standards, Barclays called for the launch of a chartered institute
of bankers to oversee a professional code of conduct and register of
banking professionals.
Those guilty of malpractice could be struck off the register,
said Barclays.
It said: "A newly established and independent professional body,
with an enhanced foundation of training and accreditation, plus a
robust system for detection and correction of misdemeanours, would
ensure that a high level of professional standards would be required
right across the industry.
"Customers would be able to confirm that a person was a member of
the register, as with other professions, and would have recourse to
make a complaint to the governing body in the event that they are
concerned with the conduct of that person."
Barclays also confirmed it was considering launching an
externally run hotline for whistleblowers as part of an overhaul
following the bank's rate-rigging scandal.
The embattled banking giant - which was fined Pounds 290m by UK
and US regulators for attempting to manipulate the interbank lending
rate - is reviewing its whistleblower procedures and is looking at
plans to outsource its hotline to encourage employees to raise
concerns.
In another blow to the future of free banking, Barclays said in
its submission there needed to be further debate on the current
account structure in the UK.
"Free-if-in-credit banking is popular with customers, but banking
is not free and banks must make a return for shareholders," it said.
"The current model may not offer the best way to reconcile those
differences."
